Mortgages and the Markets

Associated Press

News about Mortgages and the Markets, including commentary and archival articles published in The New York Times.

Chronology of Coverage

Feb. 22, 2015

Lisa Prevost Mortgages column examines study finding that home buyers are willing to pay more for houses equipped with rooftop solar panels, which may strengthen case for factoring sustainable features into home appraisals; graph of mortgage rates in New York region. MORE

Feb. 15, 2015

Gretchen Morgenson Fair Game column underscores remarkable amount of secrecy surrounding Treasury Dept's decision to expropriate all earnings of Fannie Mae and Freddie Mac, which since 2012 amounts to total of $225.4 billion; notes secrecy is particularly disturbing in light of fact that it may obscure degree to which Treasury and White House influenced Federal Housing Finance Agency, which is supposed to be independent. MORE

Feb. 15, 2015

Lisa Prevost Mortgages column examines data finding that borrowers most commonly close on their mortgages on Fridays and at the end of the month; observes that trend benefits lenders, who are pushing to make monthly quotas. MORE

Feb. 8, 2015

Lisa Prevost Mortgages column examines data indicating that low-income and minority households have gained little ground in terms of economic security, and no ground in homeownership, in recent years; notes that federal housing finance agencies are now seeking to broaden homeownership opportunities to underserved populations. MORE

Feb. 7, 2015

Tara Siegel Bernard Your Money column assesses several new options for prospective home buyers who have only a little money to put down as deposit; notes that while these options are far preferable to subprime mortgages, home buyers have to evaluate whether it would be best to save more before taking advantage of low-down-payment options. MORE

Feb. 5, 2015

Federal Housing Finance Agency director Mel Watt holds first on-the-record meeting with reporters since taking position, conveying impression that he is hesitant to make large changes in his role as overseer of Fannie Mae and Freddie Mac; plans and ideas Watt has advanced have generally been modest. MORE

Feb. 1, 2015

Lisa Prevost Mortgages column observes that multiple credit inquiries do not significantly hurt a borrower's credit score, contrary to common wisdom; graph of mortgage rates in New York region. MORE

Jan. 29, 2015

Swiss National Bank's decision to remove cap on Swiss franc in advance of European Central Bank's stimulus has negatively affected many Polish and other Eastern European homeowners who took out mortgages in currency; move disrupted financial markets and has affected many large companies, but its impact on average European underscores how actions by central bankers can unleash unintended consequences. MORE

Jan. 24, 2015

Ann Carrns Your Money Adviser column urges homeowners to explore whether federal Home Affordable Refinance Program can benefit them; notes program is intended to help those who do not quality for traditional refinancing due to drop in their home's value, and that program will expire in 2015. MORE

Jan. 20, 2015

The Upshot; plummeting oil prices and turbulence in international markets have pushed the average rate on a 30-year fixed-rate mortgage to 3.8 percent, lowest rate since May 2013, and far lower than mortgaged taken in 2011 an before; shift means that many Americans should reconsider refinancing. MORE

Jan. 18, 2015

Lisa Prevost Mortgages column notes analysis by Urban Institute's Housing Finance Policy Center indicating that coming reduction in insurance premiums on mortgages will make Federal Housing Administration loans more appealing to creditworthy, lower-risk buyers; graph of mortgage rates in New York area. MORE

Jan. 11, 2015

Lisa Prevost Mortgages column observes that quarter-million borrowers may be able to buy their first homes after Federal Housing Administration lowers its annual insurance premiums. MORE

Jan. 8, 2015

Pres Obama will try to rectify slow housing sector by dropping insurance rates on federally issued mortgages to first-time home buyers, minorities and low-income Americans; modest move would give savings of $900 annually per home buyer. MORE

Jan. 4, 2015

Lisa Prevost Mortgages column notes that despite fact that lingering effects of housing market collapse have receded, with foreclosures and delinquencies dropping nationally, many major markets still have long way to go; graph of mortgage rates in New York region. MORE

Dec. 28, 2014

Lisa Prevost Mortgages column on role that lower oil prices will play in driving down mortgage rates well into 2015; graph of mortgage rates in New York region. MORE

Dec. 21, 2014

Lisa Prevost Mortgages column explains differences between new 'piggyback loans' from those that were offered before the housing crash, which allowed borrowers to buy homes with no money down; says those available now are more difficult to qualify for and are mainly aimed at higher-net-worth buyers; graph of mortgages rates in New York region. MORE

Dec. 14, 2014

Lisa Prevost Mortgages column notes that LexisNexis Risk Solutions’ annual mortgage fraud report reveals that falsified applications have become most common type of mortgage fraud; graph of mortgage rates in New York region. MORE

Dec. 13, 2014

Ron Lieber Your Money column observes government plan to encourage more people to buy homes will make it easier for banks to offer mortgages with down payments as low as 3 percent; examines whether it ever makes sense for home buyer to put such a small amount down regardless of whether bank allows it. MORE

Dec. 9, 2014

Federal Housing Finance Agency unveils its program to offer mortgages with down payment of as little as 3 percent of purchase price; proposal is geared toward people with strong credit but lack of cash for standard 20 percent down payment. MORE

Dec. 7, 2014

Lisa Prevost Mortgages column observes that borrowers who have been shut out of mortgage market despite their sound financial circumstances are being wooed by lenders, who are going beyond qualified mortgage restrictions to analyze individual borrowers’ situations; graph of mortgage rates for New York region. MORE

Dec. 5, 2014

Freddie Mac releases data that shows average long-term mortgage rates in the United States fell for fourth consecutive week, continuing boon for potential home buyers; Labor Dept report number of people seeking unemployment benefits slipped below 300,000. MORE

Nov. 27, 2014

U.S. Bank, a division of U.S. Bancorp, is being accused of failing to engage with borrowers who missed payments. MORE

Nov. 23, 2014

Lisa Prevost Mortgages column notes concept of low-cost, 15-year mortgage intended to help low- and middle-income borrowers build equity is getting some pushback; cites blog from the Urban Institute's Housing Finance Policy Center that warns of potential risks; graph of mortgage rates in the New York region. MORE

Nov. 16, 2014

Lisa Prevost Mortgages column observes two trends helping to bolster home equity--home owners refinancing into shorter-term loans, while those pulling cash out of their homes remains modest; graph of mortgage rates for New York region. MORE

Nov. 14, 2014

United States attorney in Manhattan charges Irving Rubin and 14 other men and women, mostly members of his extended family, with defrauding banks and other lending institutions out of $20 million by securing mortgage loans, over 10-year period, based on false financial information. MORE

Nov. 14, 2014

Op-Ed article by financial writer Bethany McLean examines how much of what happens in mortgage market has little to do with homeownership and more to do with providing credit; contends sizable percentage of mortgages are used to refinance existing mortgages, a form of credit that is a relatively modern and illogical phenomenon. MORE

Nov. 9, 2014

Lisa Prevost Mortgages column on increasingly popular alternative to private mortgage insurance; with single-premium mortgage insurance, it allows borrowers to make one lump-sum payment and can be paid as part of closing costs or financed into the loan. MORE

Nov. 6, 2014

The chief executive of Fannie Mae said that Fannie would accept more low down payment mortgages but would require private mortgage insurance as well. MORE

Nov. 2, 2014

Lisa Prevost Mortgages column notes that many individuals who sought bankruptcy protection during the recent recession, which officially ended in 2009, may now be eligible to apply for a mortgage. MORE

Nov. 1, 2014

Op-Ed article by policy expert Peter J Wallison contends looser mortgage-underwriting standards, supported by Congress and community activists as means of encouraging home-buying, actually have opposite effect; holds such standards drive home prices up while encouraging buyers to take greater risks; says low standards help home builders and real estate agents, but not potential owners, and that policy makers would be wise to consider this. MORE

Oct. 29, 2014

Eduardo Porter Economic Scene column contends that making meaningful reform to the financial system could require Americans to reconsider the assumption that homeownership is good for the economy; holds that tightening mortgage rules would make it more difficult to buy and sell homes, and would lead to more renters, but might be worth it. MORE

Oct. 26, 2014

Lisa Prevost Mortgages column on research by real estate website Trulia finding that homeownership is less expensive than renting in all of the country’s 100 largest metropolitan areas; advantage narrows considerably, however, when the home buyer uses a low-down-payment loan insured by Federal Housing Administration. MORE

Oct. 23, 2014

Millions of former borrowers who experienced foreclosures or short sales in the economic downturn have spent required time outside of mortgage market, clearing at least one major hurdle required to qualify for another government-backed mortgage; there is early evidence that some former borrowers are slowly returning to the market. MORE

Oct. 21, 2014

The new regulations aim to strengthen the vast market for bonds that are backed with mortgages and other loans. MORE

Oct. 21, 2014

Federal Housing Finance Agency unveils plan to reassure banks that sell home loans to government by loosening mortgage rules. MORE

Oct. 19, 2014

Lisa Prevost Mortgages column observes that financing options for manufactured homes are limited and expensive, which has sparked calls for reform; graph of mortgage rates in New York region. MORE

Oct. 12, 2014

Lisa Prevost Mortgages column describes special mortgage products for physicians, designed to meet the needs of doctors just starting out, potential buyers who often carry heavy student loan debt and very little money saved; graph of mortgage rates in New York region. MORE

Oct. 5, 2014

Lisa Prevost Mortgages column discusses analysis by Urban Institute's Housing Finance Policy Center showing that sharp drop in mortgage refinancing activity in 2013 was caused almost entirely by less participation among white and Asian borrowers; graph of mortgage rates in New York region. MORE

Oct. 3, 2014

The Upshot; former Federal Reserve chairman Ben S Bernanke is turned down for mortgage refinancing despite high level of income and prestige; incident highlights flaws in the automated world of mortgage financing, in which Bernanke's recent job change trumped other factors. MORE

Sep. 28, 2014

Lisa Prevost Mortgages column notes that rates have remained relatively low in 2014, and little changed, despite previous predictions of an inevitable rise; increase to 5 percent is forecast by mid-2015. MORE

Sep. 27, 2014

Ron Lieber Your Money column examines rise of reverse mortgages; contends that reverse mortgages will become more popular due to fact that more people will enter retirement with modest savings and no private pension and will need some home equity back during their increasingly long lives. MORE

Sep. 21, 2014

Lisa Prevost Mortgages column on Wealth Building Home Loan, new 15-year mortgage designed to help borrowers build equity more quickly; graph of mortgage rates in New York region. MORE

Sep. 14, 2014

Binyamin Appelbaum It's the Economy column observes that United States is in lending drought in wake of subprime mortgage crisis that led to Great Recession; posits that revival of subprime-lending industry would boost economy, but regulations need to be stronger in order to prevent repeat of crisis. MORE

Sep. 14, 2014

Lisa Prevost Mortgages column holds that paying off the mortgage is not priority it once was for many people, and for some, it is not possible; cites new report from Harvard University's Joint Center for Housing Studies that reaffirms common belief that retirees who own their homes outright are considerably better of than those carrying mortgages or paying rent. MORE

Sep. 7, 2014

Lisa Prevost Mortgages column; homes deemed unusual may be desirable for some to own, but even borrowers with excellent credit may have trouble obtaining sufficient financing to purchase them; some hard-to-finance properties are becoming more attractive to smaller banks. MORE

Sep. 2, 2014

Eric T. Schneiderman, New York’s attorney general, filed a suit on Tuesday that accuses Evans Bank of denying mortgages to African-Americans in Buffalo regardless of their credit. MORE

Aug. 31, 2014

Lisa Prevost Mortgages column notes that despite attempts to change regulations on FHA-insured reverse mortgages, co-ops are still exempt from the program; graph of mortgage rates in the New York region. MORE

Aug. 24, 2014

Lisa Prevost Mortgages column on suit filed by attorneys general in Connecticut and Florida claiming that at least 1,000 borrowers signing on to 'mass joinder' lawsuits against mortgage lenders were allegedly scammed by Resolution Law Group of Greenwich, and Berger Law Group of Tampa; graph of mortgage rates in the New York region. MORE

Aug. 17, 2014

Gretchen Morgenson Fair Game column evaluates long-awaited, $16 billion mortgage settlement that Bank of America is expected to reach with Justice Department; expresses hope that settlement will include money for demolishing and repurposing abandoned homes to help cut foreclosure rates in neighborhoods and raise property values. MORE

The government is taking extraordinary measures to keep secret the deliberations surrounding a decision to expropriate all the earnings of Fannie Mae and Freddie Mac. What exactly is it trying to hide?

A bond made up of subprime mortgages was created by Goldman Sachs in 2007 as an investment vehicle. But many of those loans went into default right away and the bond has been toxic ever since. Many of the mortgages have been modified, refinanced to pull them out of trouble, or went into foreclosure. Still, 10 percent of the loans are actually larger than they started out, an indication that the loan is stressed, while the other 90 percent have shrunk as they have been modified and/or paid down.